Spillovers in Sub-Saharan Africa’s Sovereign Eurobond Yields

Senga, Christian; Cassimon, Danny

doi:10.1080/1540496x.2019.1575724

Cited by 14 publications

(5 citation statements)

References 30 publications

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“…Emenike (2018) further demonstrated that the existence of bidirectional shock and volatility spillover between the Nigerian naira and CFA franc indicates an element of financial integration in West Africa. Senga and Cassimon (2019) documented, amongst others, the existence of significant integration among sub‐Saharan African bonds, and that less resilient economies transmit more shocks to, and receive less spillovers from their peers. This finding is similar to Yépez (2020), who concluded that risk sharing is worse in emerging economies than in advanced economies.…”

Section: Literature Reviewmentioning

confidence: 99%

Interdependence among West African stock markets: A dimension of regional financial integration

Emenike

2021

African Development Review

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Understanding the nature of interdependence between international stock markets is vital for portfolio diversification, risk management and market regulation. This paper examines the nature of interdependence among West African stock markets using correlation analysis, the Granger causality test and a multivariate BEKK‐GARCH (1,1) model. The results show evidence of a weak relationship among West African stock markets. The results also show absence of causal dependence between the Côte d'Ivoire BRVM (Bourse Régionale des Valeurs Mobilières), and the Ghana stock market, but evince feedback relationship between the Côte d'Ivoire BRVM and the Nigeria stock market as well as between the Ghana and Nigeria stock markets. The results further reveal no evidence of volatility spillover between the Côte d'Ivoire BRVM and the Ghana stock market, but show evidence of unidirectional volatility spillover from the Nigeria stock market to the Côte d'Ivoire BRVM as well as bidirectional volatility spillover between the Nigerian and Ghanaian stock markets. Overall, the findings reveal existence of weak interdependence among West African stock markets, and that West African financial markets are interdependent through the Nigerian market. These findings are relevant to stock market stabilisation and investment policy in West Africa.

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Section: Literature Reviewmentioning

confidence: 99%

Interdependence among West African stock markets: A dimension of regional financial integration

Emenike

2021

African Development Review

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“…This research is also motivated by the fact that, the extant financial development literature has not directly or indirectly focused on the positioning of this research(Gevorkyan & Kvangraven, 2016;Danquah, Quartey & Iddrisu, 2017;Asongu, Nwachukwu & Tchamyou, 2017;Kusi, Agbloyor, Ansah-Adu & Gyeke-Dako, 2017;Boamah, 2017;Amponsah, 2017;Kusi & Opoku-Mensah, 2018;Boateng, Asongu, Akamavi & Tchamyou, 2018;Bayraktar & Fofack, 2018;Asongu, Batuo, Nwachukwu & Tchamyou, 2018a;Senga, Cassimon & Essers, 2018;Gyeke-Dako, Agbloyor, Turkson & Baffour, 2018;Asongu, Raheem & Tchamyou, 2018b;Bokpin, Ackah & Kunawotor, 2018;Senga & Cassimon, 2019;Dafe, Essers & Volz, 2018).…”

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confidence: 99%

Finance, inequality and inclusive education in Sub-Saharan Africa

Asongu

Nnanna²,

Acha-Anyi

2020

Economic Analysis and Policy

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This research complements the extant literature by establishing inequality critical masses that should not be exceeded in order for financial access to promote gender parity inclusive education in Sub-Saharan Africa. The focus is on 42 countries in the sub-region and the data is for the period 2004-2014. The estimation approach is the Generalized Method of Moments. When remittances are involved in the conditioning information set, the Palma ratio should not exceed 6.000 in order for financial access to promote gender parity inclusive "primary and secondary education" and the Atkinson index should not exceed 0.695 in order for financial access to promote inclusive tertiary education. However, when the internet is involved in the conditioning information set, it is established that in order for financial access to promote inclusive primary and secondary education, the: (i) Gini coefficient should not exceed 0.571; (ii) Atkinson index should not be above 0.750 and (iii) Palma ratio should be maintained below 8.000. Irrespective of variable in the conditioning information set, what is apparent is that inequality decreases the incidence of financial access on inclusive education. Hence, a common policy measure is to reduce inequality in order to promote inclusive education using the financial access mechanism. Policy implications are discussed in the light of Sustainable Development Goals.

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“…The Eurobond scandal in 2014 is another case of mega corruption, which raised questions about the use of proceeds from the international bond issuance and potential mismanagement of funds. The Kenyan government issued its first sovereign bond, raising $2.75 billion (Senga & Cassimon, 2020). While intended for infrastructure development and budgetary support, a significant portion of the proceeds went unaccounted for.…”

Section: Corruption Scandals In Kenyamentioning

confidence: 99%

A Review of Effectiveness of Anti-Corruption Strategies and Institutions in Kenya

M. Daud

2024

AJOCS

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It is often stated that the fight against corruption in Kenya does not need strong men; rather, the onslaught against pilferage and plundering of public resources requires strong institutions. Unfortunately, present efforts to combat corruption in Kenya have yielded a mixed bag of results, both negative and positive. Ostensibly, extant discourses indicate that anti-corruption institutions in Kenya and the Ethics and Anti-Corruption Commission in particular have been unable to achieve a single high-profile conviction. Towards this, the debate on the effectiveness of anti-corruption strategies and the institution in the country is interminable. It is, therefore, the view of this study that institutions in Kenya face systemic and endemic snugs that are perhaps preventing them from achieving their institutional duty of custodianship of good practice. Results from this conceptual review indicate that although Kenya has one of the most progressive legislative and institutional frameworks on anti-corruption, the Corruption Perception Index has it that Kenya still experiences high corruption, with a score of 3 out of 10, or a ranking of position 126 out of 180 countries. Although the study noted political interference, particularly from the executive, it underscores that anti-corruption institutions do not have adequate human and financial resources, which are thought to hinder their capacity to investigate and prosecute corrupt individuals. It is recommended that Kenya should strengthen legal safeguards, empower whistleblowers, implement various anti-corruption strategies, and entrench a culture of integrity. The study recommends that the anti-corruption institutions should be allocated sufficient resources, both human and financial, so that they carry out their duties independently. The study further recommends that the future of anti-corruption actions depends on incorporating civil society organizations, the media, and international partners into the campaign against the misappropriation of public funds, as these entities play peripheral, yet pivotal roles in oversight, advocating for reforms, and enhancing public awareness. Top of Form Over and above, the study notes the criticality of freeing independent institutions from the control of the executive so that they can work autonomously.

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Spillovers in Sub-Saharan Africa’s Sovereign Eurobond Yields

Cited by 14 publications

References 30 publications

Interdependence among West African stock markets: A dimension of regional financial integration

Interdependence among West African stock markets: A dimension of regional financial integration

Finance, inequality and inclusive education in Sub-Saharan Africa

A Review of Effectiveness of Anti-Corruption Strategies and Institutions in Kenya

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